How to choose the best Health Insurance policy

Walking down a deserted street, I sensed somebody following me. It was late, very late and I didn’t want to get harmed so I paced up. I was worried, scared and lonely and had zero guts to turn around and see who it was. My head and heart pounded and I felt close to having a stroke. And then he, actually it, popped out from behind, ‘my health insurance’.

A cheesy insurance TVC as it sounded, but really, health insurance ensures that you ‘wake up with determination and sleep with satisfaction’.

Shockingly, a World Bank review estimated only 17% of the total Indian population covered by health insurance as of March, 2014. Sincere Government sponsored schemes contributed a development in that percentile by 2015 and the finance minister, Mr. Arun Jaitley in his 2016 budget announced Rupees 1 Lac cover per family and an additional Rupees 30,000 cover to senior citizens.

Are you covered by a health insurance backing your ass from unforeseen health pinches? No? Let me scare you off with the fact that diseases and death are usually inevitable. A health insurance ensures your financial independence which means you won’t have to borrow money or sell those assets you love in the time of need.

A health insurance is an insurance coverage that pays for your medical and surgical expenses. An insurer estimates an overall risk of health care and health system expenses and develops a routine finance structure, say, a monthly premium. This money is made available to you upon a health claim in the time of need. Your health insurance backs you through losses from accident, medical expense, disability, or accidental dismemberment and death.

Why I say you ‘need’ one:

• You know, I know, fast pacing development and changing lifestyles has nonetheless led to increasing numbers of health issues. A health and wellness insurance ensures you are financially independent even through health related contingencies.
• You won’t be burdened with abrupt and sudden medical or surgical expenses because you have helped yourself through disciplined monthly premiums. See, no anxiety!
• And of course, having a health insurance means no borrowing high interest money from your ‘friends’, who surely will suck the life out of you in no time anyway.
• Refer to The Hindu featuring health insurance needs to know that poverty in our country is one repercussion of uninsured  health spending.

  

Do you have a family history of heart ailments, cancer, arthritis, anything. No? Wonderful. In case you do, you shouldn’t need another push to get your health insured. Read following and seek out the plan that suits you the best.

1. Health Insurance policies are issued for a lifetime. So, your insurer must inform you if ever he increases the premium amount or alters the policy terms.
2. Not a dream plan. No health insurance can be a dream package offering anything and everything you want. You  must know that premiums are directly proportional to the health cover that your plan provides.
3. Dont Procrastinate,buy it, ASAP.  Choose your ideal health insurance plan and buy it without a delay. Trust me, you’d be satisfied choosing a good enough plan today than choosing the best one 5 years later.
4. Choose from the 5 market place insurance plans (Bronze, Silver, Gold, Platinum and ‘Catastrophic’), the health plan that subjectively shares the costs of care.
5. Know the out-of-pocket costs that you may have to pay for services alongside the ones that your insurance plan covers. Copays or coinsurance is a form of cost sharing in which you are required to pay a percentage of the medical expenses. A simple sickness will add up small copays while an expensive medical procedure may bind you into a coinsurance. Beware of words like ‘copay’, ‘limits’ and ‘deductibles’.
6. Individual plan or Family Floater? Pretty inexpensive and efficient, a family floater” is a large cover shared by all the members that are the part of a health plan. You must be able to discern between the two keeping in mind those that you’re responsible for.
7. What your insurance provider may not bring to your knowledge? Inflation capping: A hidden factor of health insurance by which you’d only be able to claim expenses on a room costing below the room rent capping. If you choose to opt for a better room, above the room cap, the additional expense will be your share of the deal.
8. Getting a plan that offers you a maximum period of time cover with a constant premium even through the preceding health claims? Pick it up and run away. It is a great deal, trust me.
9. Pick an insurance plan that doesn’t suffocate your wallet. You wouldn’t rent a condo with a monthly payment of exactly how much you earn write. Think wisely upon the pay-per-month money.

   

10. Walk through several plans  before deciding one to go with. This will give you an exposure to the market and let you choose the plan that fits best for your need. Focus on hospital networks, consultation fees, room rent limit, ICU charges, covers on prescribed drugs, etc.
11. Family history of a particular health problem, ‘Too sure of suffering a heart ailment’, make sure your health plan covers it.
12. Tailor your health plan around health cover, premium amount and benefit option.
13. Look for a health insurance plan that covers those expensive medicines that would anyhow cost about the same as the medical procedure. Really, I’ve had a surgery where my meds individually costed us more than the operation itself.
14. Check the health network that you prefer to go with your health plan. If there is a particular physician or medical practitioner that you wish to reach out to, make sure your health plan circles them in too.
15. If your health insurance plan provides you with a hassle-free process through the claim with cashless benefits on surgeries and hospitalization across a wide network of hospitals, go for it.
16. Review and port your Health Insurance plan whenever you need to.

You may even consult our experienced finance counselors to further resolve your queries. Thumbs up!